Ukraine and US sign 10-year security deal as G7 leaders pledge $75 billion loan package to Kyiv
US President Joe Biden and Ukrainian President Volodymyr Zelenskyy have signed a landmark 10-year agreement designed to bolster Ukraine’s defences against Russia’s invasion.
Mr Zelenskyy described the new security deal signed on Thursday, local time, as the “strongest agreement” struck since his country’s independence in 1991.
“Today is a truly historic day,” he said.
Mr Zelensky also said “the question has to be for how long the unity will last,” given upcoming US elections and the prospect of Republican Donald Trump returning to the White House.
Mr Biden tried to reassure Mr Zelenskyy.
“They’ll have what they need,” Mr Biden said, referring to Ukraine.
Trump has been sceptical of providing additional military aid to Ukraine, at one point criticising the “endless flow of American treasure”.
He more recently has expressed openness to lending money instead, and has said Ukraine’s independence is important to the US.
Both men spoke on the sidelines of the annual Group of Seven (G7) summit, held this week in southern Italy.
“Our goal is to strengthen Ukraine’s credible defence and deterrence capabilities for the long term,” Mr Biden said.
In the event of an armed attack or threat of such against Ukraine, top US and Ukrainian officials will meet within 24 hours to consult on a response and determine what additional defence needs are required for Ukraine, the agreement says.
“To ensure Ukraine’s security, both sides recognize Ukraine needs a significant military force, robust capabilities, and sustained investments in its defense industrial base that are consistent with North Atlantic Treaty Organization (NATO) standards,” the text says.
It comes as G7 leaders clear the way for a $US50 billion ($75 billion) loan package for Kyiv.
The money and the security support are intended to show Russian President Vladimir Putin that the world’s leading industrialised democracies were standing behind Ukraine.
Mr Biden said the actions, combined with new sanctions against Russia, “collectively show Putin he cannot wait us out. He cannot divide us”.
The US and European countries have agreed to keep sanctioned Russian assets locked up until Moscow pays reparations for its invasion of Ukraine, a senior US official said.
That cleared the way for leaders to announce the loan package for Ukraine.
The highly anticipated agreement will leverage interest and income from more than $US260 billion in frozen Russian assets, largely held in Europe.
Ukraine will receive the first payments sometime this year, but it will need time to use all the money, the official said.
Ukraine will be able to spend the money in several areas, including for military, economic, humanitarian and reconstruction needs, the official said.
The leaders’ statement will also leave the door open to confiscating the Russian assets entirely, for which the allies have yet to secure the political will, largely citing legal and financial stability concerns.
It wasn’t just Ukraine that occupied the allies’ attention.
Mr Biden announced that Italy was joining a G7 initiative to provide development assistance to Africa, which is meant as a bulwark against growing Chinese influence on the continent.
Mr Biden said $US60 billion mobilised by the US and the G7 is proof “democracies can deliver,” as the US and its allies warn that China’s investments come attached with geopolitical and economic demands.
The annual summit opened on Thursday in Italy’s picturesque Puglia region in the south, with leaders meeting in private as they discussed the war in Gaza, support for Ukraine and other mutual concerns.
The informal grouping of the US, Britain, Canada, France, Germany, Italy and Japan, plus European governing bodies meets annually.
Reuters/AP
